The Otter Box Armor case is the best case I ever bought for my phone well Otter Boxes' are the best cases for any phone. I highly recommend this case for anyone especially if they are clumsy with their phones. At first when I bought my iPhone 5 I had the Commuter case then the Defender which I have given to my sister after I bought this one and she loves it because she's always dropping her phone. So I highly recommend getting the Armor case either for yourself or as a gift for someone because it was one of the best gifts I have ever been given!!!
Yes the small hole in the back of the case is for a lanyard if you have the iPhone 5 is for a lanyard and it should be in the bottom of your box that the case came in. I don't know about other phones though such as the Galaxy S3